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Green finance innovation and corporate resilience: Evidence from China's reform zones

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  • Yang, Jiahui
  • Wang, Si
  • Xu, Lei

Abstract

Green finance innovation policies have significantly enhanced corporate resilience in China’s reform pilot zones. Based on a multi-period difference-in-differences approach using firm-level data from 2011 to 2021, the analysis reveals heterogeneous effects across regions, industries, and firm characteristics. Mechanism results indicate that digital transformation, improved innovation capacity, and alleviated financing constraints are key drivers. Some effects, such as those related to industrial robot adoption, appear with a time lag. These findings provide policy-relevant insights into how green finance fosters firm adaptability and supports long-term sustainable development.

Suggested Citation

  • Yang, Jiahui & Wang, Si & Xu, Lei, 2025. "Green finance innovation and corporate resilience: Evidence from China's reform zones," Finance Research Letters, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007470
    DOI: 10.1016/j.frl.2025.107488
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    References listed on IDEAS

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    Cited by:

    1. Wang, Jianbo & Niu, Dayong & Kang, Jing, 2025. "Can national industrial investment funds enhance enterprise resilience?," Finance Research Letters, Elsevier, vol. 85(PC).
    2. Li, Xintian & Yong, Hui, 2025. "The impact of green finance on the environmental performance of industrial enterprises: The moderating role of digital transformation," Finance Research Letters, Elsevier, vol. 86(PG).
    3. Zhang, Yishu & Feng, Jinyu, 2025. "How FinTech affects corporate resilience: From the perspective of mismatch correction," Finance Research Letters, Elsevier, vol. 85(PC).
    4. Cao, Fuzhen & An, Yi & Xie, Wei, 2025. "Chinese exchange rate policy uncertainty, foreign exchange hedging, and corporate resilience," Finance Research Letters, Elsevier, vol. 86(PG).

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